The Republican-sponsored GENIUS Act, which seeks to establish regulatory guidelines for stablecoins, has passed a key procedural vote in the US Senate.
The legislation is now clear to advance to a full floor vote. The cloture vote passed 66-32 on Monday evening.
The passage comes after a cloture vote on the GENIUS Act failed earlier this month in a 48-49 vote.
Senators have been negotiating elements of the bill over the past few weeks, people familiar with the matter told Blockworks.
The latest draft of the bill states that foreign stablecoin issuers not predominantly engaged in financial services activities must be unanimously approved by the Stablecoin Certification Review Committee, according to a copy of the draft obtained by Blockworks.
The new draft also updates some of the language around data sharing, stating that stablecoin issuers are permitted to share consumer information only when needed to comply with existing laws or legal requirements.
Some Democrats, however, are still unsatisfied with the new language, which has not been released publicly. Sen. Elizabeth Warren, a longtime critic of crypto-friendly legislation, told Senators ahead of the vote that the GENIUS Act, as it currently stands, is “worse than no bill at all.”
“It is fitting that we are voting on the GENIUS Act just a few days before President Trump hosts a ‘private, intimate dinner and a VIP White House tour’ for the top investors in his memecoin,” Warren added.
While a floor vote on the GENIUS Act has not yet been scheduled, it could be on the calendar as soon as this week.
This story has been updated with finalized vote tally figures.
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